Cushman & Wakefield has been named exclusive leasing agent for Weston Pointe Office Park in Weston.
Executive Director Deanna Lobinsky, Executive Director Travis Herring, Director Katherine Ridgway and Associate Chase Kulp will represent owner New York Life Real Estate Investors, which purchased the park for more than $114 million in January.
Weston Pointe is a four-building, 388,112-square-foot, Class A office park built on a 24-acre site between 1999 and 2006.
The park is located in Broward County just south of the Interstate 75/Interstate 595 interchange at 2100–2400 North Commerce Parkway. Weston Pointe is currently 99 percent leased and is home to tenants such as Ultimate Software, Stonegate Bank, Merrill Lynch, and Wells Fargo.
“Weston Pointe represents a tremendous opportunity for users to obtain Class A space in one of South Florida’s most desirable markets,” said Lobinsky. “This well-appointed office park provides incredible access to a well-educated workforce in one of the nation’s most affluent locales.”
Cushman & Wakefield research has documented strong fundamentals across the Broward County office market, particularly among Class A assets.
“The Class A market remained healthy with 210,737 square feet of positive absorption during the first quarter and a market-wide vacancy rate of 13.1 percent,” wrote Senior Research Analyst Valerie Tatum in the firm’s Q1 2016 Broward County Office Snapshot. “Average rental rates increased to a pre-recession high of $33.93 per square foot gross, a 29.5 percent difference from first quarter 2011.”
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